Null hypothesis | Characteristic root | Trace statistics (p. value ) | -max statistics (p. value) |

There are 0 cointegration relations | 0.1770 | 4.841466 (0.5622) | 18.44280 (0.6564) |

There are 1 cointegration relations | 0.1024 | 1.331289 (0.5611) | 3.531692 (0.6062) |

There are 2 cointegration relations | 0.0192 | 1.0880 (0.2969) | 1.0880 (0.2969) |